Market Update - 2016 in Review

by Sean on Thursday, January 5, 2017

2016 was another great year for the West Island real estate market. Prices were up in almost every municipality as were the number of sales.

We continued to see Beaconsfield and Pointe-Claire perform extremely well with median price increases of around 8%. Kirkland was not far off with median prices rising 6% and the number of sales increasing by 12%. Baie D'Urfé also saw a huge surge in activity with a whopping 43% more sales compared to 2015. We did see some softening in Dorval and Ste-Anne-de-Bellevue, but nothing that we would characterize as significant.

Looking ahead, we predict that on-island real estate will continue to appreciate as buildable land becomes extremely scarce and commuters will look to minimize that transit time into the city. Baie D'Urfé, Pointe-Claire and Beaconsfield South are seeing increased activity and interest from investors and more affluent buyers looking to tear down older, smaller homes to rebuild in choice locations. We predict that this trend will continue well into the new year.

We are also seeing a surge in newly arrived immigrants on a much larger scale than we have seen in past years. A significant increase in the amount Asian buyers seems to be helpingtodrive our local market. We are interested to see how this trend affects the market moving forward. From our experience, these are mostly young families looking to settle down in the various West Island communities that have so much to offer (something we have all known for a very long time!) Please join us in welcoming our new neighbours.